Mineral Resources (MIN) investor relations material

Operational highlights

• Upgraded FY26 guidance across multiple divisions, with mining services tracking record volumes and strong lithium performance.

• Onslow Iron operating at nameplate post-cyclone season; transition to lower-cost, longer-life iron ore operations underway.

• Liquidity stands at $1.8B, with refinancing of US$1.3B notes lowering costs and extending tenor.

• POSCO partnership to bring in US$765M in 1H27, supporting further lithium capacity expansion.

• Governance review completed, refreshed board and committees, and COO appointed for leadership succession.

Lithium operations and growth

• Operates three hard rock lithium mines in Western Australia, with global partnerships (Albemarle, Ganfeng, POSCO).

• Wodgina: 28-year reserve life, 750ktpa SC6 capacity, potential 30% expansion under review.

• Mt Marion: 10-year reserve life, 500ktpa SC6 capacity, flotation and underground expansion could boost to 600ktpa.

• Bald Hill: 100% owned, 140ktpa SC6 capacity, restart announced with first ore Q1 FY27.

• All lithium shipments sold at spot prices, with high-return brownfield growth options being assessed.

Recent performance and project updates

• Wodgina and Mt Marion optimized for higher recoveries and lower costs; Wodgina achieved 70% recovery milestone.

• High intensity cyclones and magnetic separation implemented to improve grades and recoveries.

• FY26 volume guidance upgraded twice for both Wodgina and Mt Marion.

• POSCO to acquire 30% interest in Wodgina and Mt Marion for US$765M, with MinRes retaining significant exposure to volume growth.

• Attributable installed lithium capacity represents 7% of global supply post-POSCO deal.